Traders Purchase High Volume of Put Options on PureCycle Technologies (NASDAQ:PCT)

PureCycle Technologies, Inc. (NASDAQ:PCT) was the recipient of some unusual options trading on Thursday. Stock investors bought 52,983 put options on the company. This represents an increase of approximately 259% compared to the average volume of 14,740 put options.

Wall Street Analyst Weigh In

PCT has been the topic of a number of recent research reports. Wall Street Zen downgraded PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 10th. Northland Securities set a $13.00 price target on PureCycle Technologies in a research report on Friday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PureCycle Technologies in a research report on Friday, June 5th. Cantor Fitzgerald reduced their price target on PureCycle Technologies from $16.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Finally, TD Cowen reduced their price target on PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

PureCycle Technologies Price Performance

Shares of NASDAQ:PCT opened at $8.88 on Friday. PureCycle Technologies has a fifty-two week low of $4.93 and a fifty-two week high of $17.37. The business has a 50-day moving average of $9.24 and a two-hundred day moving average of $8.74. The stock has a market capitalization of $1.61 billion, a P/E ratio of -6.04 and a beta of 2.48. The company has a debt-to-equity ratio of 47.59, a current ratio of 1.71 and a quick ratio of 1.57.

PureCycle Technologies (NASDAQ:PCT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.05. PureCycle Technologies had a negative return on equity of 393.01% and a negative net margin of 2,062.36%.The company had revenue of $4.13 million during the quarter, compared to analysts’ expectations of $3.83 million. On average, equities research analysts predict that PureCycle Technologies will post -0.99 EPS for the current fiscal year.

Hedge Funds Weigh In On PureCycle Technologies

Large investors have recently made changes to their positions in the business. Larson Financial Group LLC lifted its position in shares of PureCycle Technologies by 6,571.8% during the 3rd quarter. Larson Financial Group LLC now owns 2,602 shares of the company’s stock worth $34,000 after purchasing an additional 2,563 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of PureCycle Technologies during the 3rd quarter worth about $35,000. SHP Wealth Management acquired a new position in shares of PureCycle Technologies during the 4th quarter worth about $43,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of PureCycle Technologies during the 1st quarter worth about $33,000. Finally, Farther Finance Advisors LLC lifted its position in shares of PureCycle Technologies by 3,047.8% during the 4th quarter. Farther Finance Advisors LLC now owns 9,160 shares of the company’s stock worth $79,000 after purchasing an additional 8,869 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.

About PureCycle Technologies

PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra‐pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.

Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.